INTRODUCTION
KARAOKE AVENUE is set to be the inaugural karaoke bar in Bangladesh. This establishment provides a space for individuals to mingle with friends while indulging in the karaoke experience and delectable cuisine. To foster and delight young singers, we will host regular live performances. Our aim is to inaugurate the bar in Dhanmondi, a renowned venue for social gatherings.
KARAOKE AVENUE is uniquely positioned in the market due to our chosen location and the absence of any other karaoke bars in Bangladesh. Furthermore, the city’s large population of young individuals enthusiastically seeks new and distinctive forms of entertainment.
The Management team of our bar will comprise the owners who will make all major decisions. Additionally, we will have the bar manager, food and drink servers, karaoke jockeys, and the maintenance staff.
In the beginning stages of our business, KARAOKE AVENUE experiences minimal competition as we are the first karaoke bar in Bangladesh. However, there are a few cafes such as The Stage (music cafe), Déjà vu Café, H20 Lounge, Kozmo Lounge, and others that can be considered as competitors due to their increasing popularity among young individuals for their outstanding food and service.
Our bar stands out from others with its unique and innovative approach, setting it apart in the industry. We excel not only in karaoke but also provide excellent dining experiences. Our dedicated team guarantees exceptional service, while a wide range of entertainment options will be available for your enjoyment.
CURRENT SITUATION
MARKET DESCRIPTION
Our primary objective is to become a hub for emerging singers in the fields of music theatre, opera, and stylistic pop.
In order to attract college students, our karaoke bar must create an attractive atmosphere. This can be achieved by focusing on promoting through word-of-mouth and offering competitive prices. Moreover, providing exceptional service and ensuring high entertainment value will help establish loyalty among customers, leading to frequent visits. Ultimately, our goal is to become the preferred destination for young individuals who are looking for a fun place to socialize with their peers.
The local market’s goal is to establish a mature atmosphere with the hope of achieving this objective.
With enticing company, top-notch service, and delicious food, our karaoke club will entice the 29-40 age group. From the construction of the bar to the establishment of a cozy lounge, everything will be designed with this demographic in mind. As live music fills the air, patrons can relax in comfortable seating while those who prefer a light meal can dine at our small cocktail tables.
YOUNG PROFESSIONALS: This group comprises individuals aged 23-29, including recent college graduates seeking an enjoyable evening with friends. Some may also desire a venue to relax after work. Our aim is to meet the diverse needs of these young professionals.
Our karaoke bar is an ideal destination for tourists and business travelers seeking to unwind and relax. It offers a serene atmosphere, allowing business partners to escape the pressures of work. We accommodate both mature tourists in search of tranquility and youthful college-age visitors eager to immerse themselves in the dynamic ambiance of our club after exploring local attractions.
PRODUCT REVIEW
Instead of solely being a karaoke bar, KARAOKE AVENUE will offer various additional facilities.
Next to the dance floor, a permanent DJ booth and small stage area will be constructed for live music performances every two weeks. We will invite local bands from the college community to showcase their talent. In our Karaoke Bar, you can enjoy a lively musical atmosphere while savoring a range of complex and simple high-quality drinks. Our bar highlights Dhaka City’s emerging vocal talents in music theatre and vocal pop. To cater to singers and others, we offer very healthy nutritional cocktails specially crafted along with espresso coffee drinks. Snack plates featuring imported cheese, salamis, and Italian bread are available for those looking for lighter options. You can also purchase t-shirts and CDs featuring each night’s performances. Additionally, we provide other food options such as fast food and traditional dishes.
KARAOKE AVENUE offers more than just drinks, coffee, and entertainment. It provides a sense of community, where performers can engage in a cycle of performing, sharing, support, development, and drama that is unparalleled in Bangladesh. Singers will feel at home in this specially designed venue. The audience will not only be entertained by the individual performances but also by the human drama and interaction with the singers. In doing so, they will become an integral part of the excitement rather than simply being entertained!
KARAOKE AVENUE intends to host regular special events as a means of enticing more customers and boosting revenue. In the future, should our karaoke bar gain popularity, we could potentially sponsor a karaoke idol tournament. These tournaments have the advantage of generating steady income by attracting sizable audiences on a weekly basis. Moreover, participants often persuade their friends and family to attend and witness their performances.
Other celebrations including birthday parties, office parties, and other special events will also be offered.
The website for our karaoke bar serves as a hub for the community, providing multiple features including links, an event calendar, personalized pages, live webcams, and a diverse selection of downloadable mp3s and videos. Additionally, we offer a subscription service that gives subscribers complete access to our audio library, video library, and webcam feeds.
COMPETITIVE REVIEW
In today’s overcrowded industries, there is intense competition and many rivals fighting for limited profits. However, a significant advantage we have is the absence of any Karaoke Bar in Dhaka City or anywhere in Bangladesh. This means that instead of engaging in direct competition with established competitors, our Karaoke Bar can position itself in untapped market spaces. This unique service has no direct rivals, which is referred to as a “blue ocean strategy,” aiming to render competition irrelevant.
However, Dhaka has numerous indirect competitors that provide entertainment in diverse ways, which should definitely be considered as competition alongside karaoke bars.
Here are a few examples of competitors:
“Shisha Culture” has become a popular and trendy phenomenon in Bangladesh, particularly in Dhaka city. Dhaka is home to several excellent shisha lounges that are well-liked by locals.
Déjà vu Café is a stylish and delectable establishment that offers both a trendy lounge and a delicious restaurant experience. In addition to serving a range of flavored shisha and a diverse menu, the lounge also features a vibrant dance floor where a live DJ provides entertainment.
Kozmo Lounge offers a wide range of items in a cozy atmosphere with a charming view of Dhanmondi Lake. The lounge regularly updates its menu to offer a variety of tastes to its customers. Additionally, the relaxing music played at Kozmo perfectly complements its tone. The lounge is particularly beloved by young people due to its trendy and contemporary ambiance, as well as its affordable prices.
Thunderbolt is delighted to bring the authentic sport of bowling to Dhaka. This exciting indoor game, originating from America, has become extremely popular in Southeast and East Asian nations. Our center is furnished with top-of-the-line bowling alley features provided by Brunswick, including the captivating ‘glow light’ and a pulsating music audio system. It is a unique establishment in Bangladesh, as there are only three similar prototypes found elsewhere in Asia.
Pool Lovers is a popular spot for university students who love playing pool and socializing. With its food court offering a great view of the lively street, it adds to the overall experience. Whether you want to relax with a game of pool or spend quality time with friends from your university, Pool Lovers is an ideal choice.
There are various entertainment options available in Dhaka presently, and the following are just a few locations to consider:
Our main target is to attract customers in the entertainment industry who are looking for a comfortable and affordable place to flock to.
SWOT ANALYSIS
The business has been discussed below in terms of its strengths, weaknesses, opportunities, and threats in a SWOT analysis.
Strong Points
Our aim is to provide outstanding service.
Skilled and certified personnel will be hired by our company, and they will undergo training programs to improve their level of service.
Being the only karaoke bar in Bangladesh gives this establishment a unique advantage.
Our product or service will possess a visually pleasing and elegant design.
Only the best karaoke equipment will be used by our team.
Weaknesses
1. Insufficient Research and Development.
2. Despite the limited experience of our karaoke jockeys and maintenance staff due to the novelty of our business concept in Bangladesh, we are dedicated to ensuring they receive sufficient training.
Opportunities
We can take advantage of the fact that the young population in the city is large, as the young generation is known for their love of entertainment.
Our service will be offered at a price that is affordable.
Our available resources adequately support our business.
We have the chance to capitalize on an untapped market in this country.
Currently in place are the following existing threats:
Political instability in our nation is a major issue due to its potential to result in financial losses.
Because of a lack of electricity, our maintenance expenses have risen and we must now utilize a generator.
MARKETING STRATEGY
PRODUCT STRATEGY
KARAOKE AVENUE is a part of the service industry and strives to provide extraordinary evening entertainment and excellent service. Our aim is to build a devoted customer base within our extensive target market.
POSITIONING
Our Karaoke bar is an ideal spot for aspiring vocalists who want to improve their abilities in dramatic, classical, and stylistic pop genres. We provide a supportive setting where artists can rehearse, express themselves, and network with others in the industry. With its sophisticated yet vibrant ambiance, our venue is purposefully created to encourage and motivate up-and-coming vocal artists. Our primary goal is to nurture and propel the careers of musicians in music theatre and stylistic pop genres.
For those who appreciate dramatic, classical, and stylistic pop music and support the growth of musical arts, our venue provides a relaxed yet vibrant atmosphere. We offer near-world class entertainment, along with innovative cocktails and fine drinks. Additionally, we encourage building connections with the performing artists and embracing the excitement of artistic development.
PRICING
Our main target is to attract customers in the entertainment industry by providing a comfortable and affordable place that they know and trust.
Our pricing strategy combines competitive pricing and penetration pricing to directly compete with local competitors by offering competitive prices. We also aim to quickly penetrate the market by implementing a low initial price, attracting a large number of buyers, and gaining a significant market share.
Our main goal is to attract and retain customers through entertainment value. However, we understand that this may imply higher prices and the risk of losing customers in our key demographic to other entertainment services with lower prices.
To appeal to our target segment, we will offer promotions and specials alongside these prices.
Competitors provide various examples of pricing:
Déjà vu Café: Tk 500 to Tk 1000
Kozmo Lounge prices range from Tk 150 to Tk 500.
H2O Lounge: Tk 200 to Tk 1500
Shisha World offers a wide range of prices, starting from Tk 500 and going up to Tk 15000.
There is a range of prices for Thunderbolt, ranging from Tk 300 to Tk 2000.
There are different prices for swimming in the pool, ranging from Tk 50 to Tk 500.
DISTRIBUTION
KARAOKE AVENUE will be the pioneering karaoke bar in Bangladesh, situated in an appropriate location like Dhanmondi. Dhanmondi is a favored area for various individuals, including young people, professional singers, and other professionals due to its schools, universities, and offices. If the business prospers adequately, it can expand to other areas in Dhaka such as Gulshan or Uttara and ultimately extend to cities like Chittagong. Regarding food supplies, we will collaborate with a local food supplier who will furnish us with all essential food items.
The marketing strategy is centered on acquiring a competitive edge in the market.
Direct mail is a promotional method that entails sending postcards and packets to the local community in order to introduce our karaoke bar and generate interest in the area. These packets can include coupons, discounts, and other appealing incentives designed to encourage people to visit our establishment.
Social media marketing is an effective and free method to promote karaoke. Through social network channels, businesses can both engage with existing customers and attract new customers by providing updates and incentives.
Along the same lines, any proactive efforts to encourage word-of-mouth advertising about our bar’s opening will provide free promotional impact to our operation. Word-of-mouth advertising is consumer-driven, affordable, and effective. Research shows that it is significantly more effective than other advertising methods.
1. A Continuity Program is designed to foster customer loyalty by rewarding customers for their repeat business.
COUPONS: Magazines are providing discounts on drinks and food.
Fliers and posters can be distributed in College and University campuses, as well as various shopping malls, to attract interested consumers such as students and other professionals. Additionally, with the approval of hotels, we can place fliers, posters, or business cards in the lobby.
1. ADVERTISING: Advertising in the Travel Agency can be a beneficial option, involving monetary payment to ask the tour guide to promote our Karaoke Bar. Radio stations, which frequently organize promotional events, are potential candidates.
CONCLUSION
Internationally, the karaoke phenomenon has spawned various unique industries. Examples include karaoke sommeliers who curate exceptional playlists and karaoke sensei who assist in achieving pitch-perfect performances. Karaoke raises thought-provoking inquiries concerning talent and genuineness, highlighting the delicate balance between artistry and commercialization in popular music.
There are several reasons why karaoke has been successful in other countries. Firstly, it attracts a wide range of individuals who enjoy singing, regardless of their actual ability to hit the right notes. Secondly, it provides an opportunity for fans to emulate their favorite singers. Additionally, karaoke facilitates social interaction and camaraderie, as it encourages groups of people to come together and enjoy themselves. Ultimately, wherever karaoke is present, it inevitably creates a vibrant and engaging atmosphere.
Launching a Karaoke Bar in Bangladesh is an innovative idea that has the potential to either achieve remarkable success or result in significant failure. However, taking into account the recent achievements of entertainment industries such as lounges, gaming zones, and numerous other services, along with the growing interests of the Bangladeshi population, it can be inferred that a karaoke bar will also experience immense triumph.
